The gravitational forces acting on the two objects due to their interaction when 5 m apart have magnitudes of approx. 2.7e-2 N, giving initial horizontal accelerations of approximately 2.7e-8 and 2.7e-6 m/s^2. In the 1.49 s it takes for the two objects to reach Earth, those accelerations will change negligibly. The smaller mass will travel along a very slightly longer path but will have a very slightly higher average speed - why should the horizontal acceleration affect the vertical acceleration?
At a latitude of 45 degrees, the value of g varies by approximately 0.001 m/s^2 per degree latitude, which means that, if one mass is dropped from a point 5 m further north at that latitude, then its value of g will be roughly 4.5e-8 m/s^2 lower than the value for the other one, and it will hit the ground very slightly after the other one.
That's if one doesn't hit a can of worms.